– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
Strong Demand and Outstanding Execution By Our Team Exceeds Expectations and Raises Full Year Outlook
GREENVILLE, S.C.--(BUSINESS WIRE)--ScanSource, Inc. (NASDAQ: SCSC), a leading hybrid distributor connecting devices to the cloud, today announced financial results for the third quarter ended March 31, 2022. All results in this release reflect continuing operations only unless otherwise noted.
Third Quarter Summary: |
Quarter ended March 31, |
|||||||||
|
2022 |
|
2021 |
|
Change |
|||||
|
(in thousands, except per share data) |
|||||||||
Select reported measures: |
|
|
|
|
|
|||||
Net sales |
$ |
845,990 |
|
|
$ |
729,873 |
|
|
15.9 |
% |
Gross profit |
$ |
106,508 |
|
|
$ |
88,116 |
|
|
20.9 |
% |
Gross profit margin % |
|
12.59 |
% |
|
|
12.07 |
% |
|
52bp |
|
Operating income |
$ |
32,917 |
|
|
$ |
19,436 |
|
|
69.4 |
% |
GAAP net income |
$ |
23,526 |
|
|
$ |
13,786 |
|
|
70.7 |
% |
GAAP diluted EPS |
$ |
0.91 |
|
|
$ |
0.54 |
|
|
68.5 |
% |
Select Non-GAAP measures: |
|
|
|
|
|
|||||
Adjusted EBITDA |
$ |
44,115 |
|
|
$ |
31,999 |
|
|
37.9 |
% |
Adjusted EBITDA margin % |
|
5.21 |
% |
|
|
4.38 |
% |
|
83bp |
|
Non-GAAP net income |
$ |
26,879 |
|
|
$ |
18,178 |
|
|
47.9 |
% |
Non-GAAP diluted EPS |
$ |
1.04 |
|
|
$ |
0.71 |
|
|
46.5 |
% |
"Strong demand and outstanding execution by our people drove the achievement of 16% net sales growth and exceptional profitability," said Mike Baur, Chairman and CEO, ScanSource, Inc. "Our people are making a tremendous difference for customers and suppliers in a challenging supply environment."
Quarterly Results
Net sales for the third quarter of fiscal year 2022 totaled $846.0 million, up 15.9% year-over-year, or 15.4% year-over-year for organic growth, with strong demand in both segments. Third quarter fiscal year 2022 net sales in the Specialty Technology Solutions segment increased 15.3% year-over-year to $503.1 million, driven by broad-based demand across technologies and execution by our people. Third quarter fiscal year 2022 net sales in Modern Communications & Cloud increased 16.9% year-over-year, or 16.0% year-over-year for organic growth, to $342.9 million, with Intelisys connectivity and cloud business net sales increasing 18.2% year-over-year.
Gross profit for the third quarter of fiscal year 2022 totaled $106.5 million, up 20.9% year-over-year. The increase is primarily due to higher sales volume and higher vendor program recognition compared to the prior-year quarter. Gross profit margin increased to 12.6% for the third quarter of fiscal year 2022, up from 12.1% in the prior-year quarter.
For the third quarter of fiscal year 2022, operating income increased to $32.9 million from $19.4 million in the prior-year quarter. Third quarter fiscal year 2022 non-GAAP operating income increased to $37.4 million for a 4.42% non-GAAP operating income margin, up from $25.1 million and a 3.45% non-GAAP operating margin for the prior-year quarter.
On a GAAP basis, net income for the third quarter of fiscal year 2022 totaled $23.5 million, or $0.91 per diluted share, compared to net income of $13.8 million, or $0.54 per diluted share, for the prior-year quarter. Third quarter fiscal year 2022 non-GAAP net income totaled $26.9 million, or $1.04 per diluted share, up from $18.2 million, or $0.71 per diluted share, for the prior-year quarter. For the trailing 12-month (TTM) period ending March 31, 2022, GAAP diluted earnings per share totaled $3.46, and non-GAAP diluted earnings per share totaled $4.01.
Adjusted EBITDA for the third quarter of fiscal year 2022 increased to $44.1 million, or 5.21% of net sales, compared to $32.0 million, or 4.38% of net sales in the prior-year quarter, primarily due to higher gross profits and operating leverage. Adjusted return on invested capital increased to 18.0% for third quarter fiscal year 2022, compared to 14.7% in the prior-year quarter.
Annual Financial Outlook for Fiscal Year 2022
ScanSource raises its expectations for the full fiscal year ended June 30, 2022 and replaces previously provided guidance.
|
|
FY22 Annual Outlook Update |
|
Prior FY22 Outlook |
Net sales growth, year-over-year |
|
At least 10% |
|
At least 7% |
Adjusted EBITDA (non-GAAP) |
|
At least $165 million |
|
At least $148 million |
Adjusted EBITDA is a non-GAAP measure, which excludes estimates for amortization of intangible assets, depreciation expense, and non-cash share-based compensation expense (effective with the first quarter of fiscal year 2022). For comparison, fiscal year 2021 Adjusted EBITDA, excluding share-based compensation, totaled $118 million. ScanSource’s outlook does not include the potential impact of any business combinations, asset acquisitions, divestitures, strategic investments, or other significant transactions that may be completed after the date hereof. These statements are forward-looking, and actual results may differ materially.
Webcast Details and Earnings Infographic
At approximately 4:15 p.m. ET today, an Earnings Infographic, as a supplement to this press release and the Company's conference call, will be available on ScanSource's website, www.scansource.com (Investor Relations section). ScanSource will present additional information about its financial results and business in a conference call today, May 10, 2022, at 5:00 p.m. ET. A webcast of the call will be available for all interested parties and can be accessed at www.scansource.com (Investor Relations section). The webcast will be available for replay for 60 days.
Safe Harbor Statement
This press release contains “forward-looking” statements, including the Company's FY22 outlook, which involve risks and uncertainties. Any number of factors could cause actual results to differ materially from anticipated results, including, but not limited to, failure to hire and retain quality employees, risk to the Company's business from a cyber-security attack, the failure to manage and implement the Company's organic growth strategy, the impact of the COVID-19 pandemic on the Company's operations and financial condition and the potential prolonged economic weakness brought on by COVID-19, a failure of the Company's IT systems, a failure to acquire new businesses, changes in interest and exchange rates and regulatory regimes impacting the Company's international operations, credit risks involving the Company's larger customers and suppliers, loss of the Company's major customers, termination of the Company's relationship with key suppliers or a significant modification of the terms under which it operates with a key supplier, changes in the Company's operating strategy, and other factors set forth in the "Risk Factors" contained in the Company's annual report on Form 10-K for the year ended June 30, 2021, filed with the Securities and Exchange Commission. Except as may be required by law, the Company expressly disclaims any obligation to update these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.
Non-GAAP Financial Information
In addition to disclosing results that are determined in accordance with United States Generally Accepted Accounting Principles ("GAAP"), the Company also discloses certain non-GAAP financial measures, which are summarized below. Non-GAAP financial measures are used to understand and evaluate performance, including comparisons from period to period. Non-GAAP results exclude amortization of intangible assets related to acquisitions, change in fair value of contingent consideration, acquisition costs, restructuring costs and other non-GAAP adjustments.
Net sales on a constant currency basis, excluding acquisitions (organic growth): The Company discloses the percentage change in net sales excluding the translation impact from changes in foreign currency exchange rates between reporting periods and excluding the net sales from acquisitions prior to the first full year from the acquisition date. This measure enhances the comparability between periods to help analyze underlying trends on an organic basis.
Additional Non-GAAP Metrics: To evaluate current period performance on a more consistent basis with prior periods, the Company discloses non-GAAP SG&A expenses, non-GAAP operating income, non-GAAP net income and non-GAAP diluted earnings per share (non-GAAP diluted "EPS"). Non-GAAP results exclude amortization of intangible assets related to acquisitions, changes in fair value of contingent consideration, acquisition and divestiture costs, impairment charges, restructuring costs, and other non-GAAP adjustments. These year-over-year metrics include the translation impact of changes in foreign currency exchange rates. Non-GAAP metrics are useful in assessing and understanding the Company's operating performance, especially when comparing results with previous periods or forecasting performance for future periods.
Adjusted earnings before interest expense, income taxes, depreciation, and amortization (“Adjusted EBITDA”): Adjusted EBITDA starts with net income and adds back interest expense, income tax expense, depreciation expense, amortization of intangible assets, changes in fair value of contingent considerations, and other non-GAAP adjustments, including acquisition and divestiture costs, impairment charges, and restructuring costs. Effective with the first quarter of fiscal year 2022, non-cash share-based compensation expense is also added back in calculating Adjusted EBITDA. Since Adjusted EBITDA excludes some non-cash costs of investing in our business and people, management believes that Adjusted EBITDA shows the profitability from our business operations more clearly. The presentation for Adjusted EBITDA for all periods presented has been recast to reflect this change to enhance comparability between periods.
Adjusted return on invested capital ("Adjusted ROIC"): Adjusted ROIC assists management in comparing the Company's performance over various reporting periods on a consistent basis because it removes from our operating results the impact of items that do not reflect our core operating performance. We believe the calculation of Adjusted ROIC provides useful information to investors and is an additional relevant comparison of our performance. Adjusted ROIC is calculated as Adjusted EBITDA over invested capital. Invested capital is defined as average equity plus average daily funded interest-bearing debt for the period. Management believes the calculation of Adjusted ROIC provides useful information to investors and is an additional relevant comparison of the Company's performance during the year.
These non-GAAP financial measures have limitations as analytical tools, and the non-GAAP financial measures that the Company reports may not be comparable to similarly titled amounts reported by other companies. Analysis of results and outlook on a non-GAAP basis should be considered in addition to, and not in substitution for or as superior to, measurements of financial performance prepared in accordance with GAAP. A reconciliation of the Company's non-GAAP financial information to GAAP is set forth in the Supplementary Information (Unaudited) below.
About ScanSource, Inc.
ScanSource, Inc. (NASDAQ: SCSC) is a leading hybrid distributor connecting devices to the cloud and accelerating growth for partners across hardware, SaaS, connectivity and cloud. ScanSource enables partners to deliver solutions for their customers to address changing end-user buying and consumption patterns. ScanSource sells through multiple, specialized routes-to-market with hardware, SaaS, connectivity and cloud services offerings from the world’s leading suppliers of point-of-sale (POS), payments, barcode, physical security, unified communications and collaboration, telecom and cloud services. Founded in 1992 and headquartered in Greenville, South Carolina, ScanSource was named one of the 2021 Best Places to Work in South Carolina and on FORTUNE magazine’s 2022 List of World’s Most Admired Companies. ScanSource ranks #655 on the Fortune 1000. For more information, visit www.scansource.com.
ScanSource, Inc. and Subsidiaries |
|||||||
Condensed Consolidated Balance Sheets (Unaudited) |
|||||||
(in thousands) |
|||||||
|
March 31, 2022 |
|
June 30, 2021* |
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
43,539 |
|
|
$ |
62,718 |
|
Accounts receivable, less allowance of $16,935 at March 31, 2022 and $19,341 at June 30, 2021 |
|
642,384 |
|
|
|
568,984 |
|
Inventories |
|
591,396 |
|
|
|
470,081 |
|
Prepaid expenses and other current assets |
|
130,509 |
|
|
|
117,860 |
|
Total current assets |
|
1,407,828 |
|
|
|
1,219,643 |
|
Property and equipment, net |
|
37,815 |
|
|
|
42,836 |
|
Goodwill |
|
218,025 |
|
|
|
218,877 |
|
Identifiable intangible assets, net |
|
90,554 |
|
|
|
104,860 |
|
Deferred income taxes |
|
19,951 |
|
|
|
21,853 |
|
Other non-current assets |
|
66,627 |
|
|
|
63,615 |
|
Total assets |
$ |
1,840,800 |
|
|
$ |
1,671,684 |
|
Liabilities and Shareholders’ Equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
706,359 |
|
|
$ |
634,805 |
|
Accrued expenses and other current liabilities |
|
80,931 |
|
|
|
87,790 |
|
Income taxes payable |
|
3,023 |
|
|
|
2,501 |
|
Current portion of long-term debt |
|
10,660 |
|
|
|
7,843 |
|
Total current liabilities |
|
800,973 |
|
|
|
732,939 |
|
Deferred income taxes |
|
3,753 |
|
|
|
3,954 |
|
Long-term debt, net of current portion |
|
126,546 |
|
|
|
135,331 |
|
Borrowings under revolving credit facility |
|
44,294 |
|
|
|
— |
|
Other long-term liabilities |
|
58,580 |
|
|
|
68,269 |
|
Total liabilities |
|
1,034,146 |
|
|
|
940,493 |
|
Commitments and contingencies |
|
|
|
||||
Shareholders’ equity: |
|
|
|
||||
Preferred stock, no par value; 3,000,000 shares authorized, none issued |
|
— |
|
|
|
— |
|
Common stock, no par value; 45,000,000 shares authorized, 25,429,242 and 25,499,465 shares issued and outstanding at March 31, 2022 and June 30, 2021, respectively |
|
69,856 |
|
|
|
71,253 |
|
Retained earnings |
|
826,922 |
|
|
|
758,071 |
|
Accumulated other comprehensive loss |
|
(90,124 |
) |
|
|
(98,133 |
) |
Total shareholders’ equity |
|
806,654 |
|
|
|
731,191 |
|
Total liabilities and shareholders’ equity |
$ |
1,840,800 |
|
|
$ |
1,671,684 |
|
*Derived from audited financial statements.
ScanSource, Inc. and Subsidiaries |
|||||||||||||||
Condensed Consolidated Income Statements (Unaudited) |
|||||||||||||||
(in thousands, except per share data) |
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Quarter ended
|
|
Nine months ended
|
||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
Net sales |
$ |
845,990 |
|
|
$ |
729,873 |
|
|
$ |
2,567,652 |
|
|
$ |
2,298,111 |
|
Cost of goods sold |
|
739,482 |
|
|
|
641,757 |
|
|
|
2,251,920 |
|
|
|
2,043,172 |
|
Gross profit |
|
106,508 |
|
|
|
88,116 |
|
|
|
315,732 |
|
|
|
254,939 |
|
Selling, general and administrative expenses |
|
66,522 |
|
|
|
60,099 |
|
|
|
199,538 |
|
|
|
182,681 |
|
Depreciation expense |
|
2,612 |
|
|
|
3,141 |
|
|
|
8,039 |
|
|
|
9,634 |
|
Intangible amortization expense |
|
4,457 |
|
|
|
4,880 |
|
|
|
13,413 |
|
|
|
14,595 |
|
Restructuring and other charges |
|
— |
|
|
|
560 |
|
|
|
— |
|
|
|
9,312 |
|
Change in fair value of contingent consideration |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
516 |
|
Operating income |
|
32,917 |
|
|
|
19,436 |
|
|
|
94,742 |
|
|
|
38,201 |
|
Interest expense |
|
1,483 |
|
|
|
1,576 |
|
|
|
4,637 |
|
|
|
5,285 |
|
Interest income |
|
(1,000 |
) |
|
|
(745 |
) |
|
|
(2,973 |
) |
|
|
(1,756 |
) |
Other (income) expense, net |
|
(136 |
) |
|
|
(302 |
) |
|
|
668 |
|
|
|
183 |
|
Income before income taxes |
|
32,570 |
|
|
|
18,907 |
|
|
|
92,410 |
|
|
|
34,489 |
|
Provision for income taxes |
|
9,044 |
|
|
|
5,121 |
|
|
|
23,659 |
|
|
|
9,757 |
|
Net income from continuing operations |
|
23,526 |
|
|
|
13,786 |
|
|
|
68,751 |
|
|
|
24,732 |
|
Net (loss) income from discontinued operations |
|
— |
|
|
|
(688 |
) |
|
|
100 |
|
|
|
(37,647 |
) |
Net income (loss) |
$ |
23,526 |
|
|
$ |
13,098 |
|
|
$ |
68,851 |
|
|
$ |
(12,915 |
) |
|
|
|
|
|
|
|
|
||||||||
Per share data: |
|
|
|
|
|
|
|
||||||||
Net income from continuing operations per common share, basic |
$ |
0.92 |
|
|
$ |
0.54 |
|
|
$ |
2.69 |
|
|
$ |
0.97 |
|
Net loss from discontinued operations per common share, basic |
|
— |
|
|
|
(0.03 |
) |
|
|
— |
|
|
|
(1.48 |
) |
Net income (loss) per common share, basic |
$ |
0.92 |
|
|
$ |
0.51 |
|
|
$ |
2.69 |
|
|
$ |
(0.51 |
) |
Weighted-average shares outstanding, basic |
|
25,635 |
|
|
|
25,455 |
|
|
|
25,577 |
|
|
|
25,404 |
|
|
|
|
|
|
|
|
|
||||||||
Net income from continuing operations per common share, diluted |
$ |
0.91 |
|
|
$ |
0.54 |
|
|
$ |
2.66 |
|
|
$ |
0.97 |
|
Net loss from discontinued operations per common share, diluted |
|
— |
|
|
|
(0.03 |
) |
|
|
— |
|
|
|
(1.48 |
) |
Net income (loss) per common share, diluted |
$ |
0.91 |
|
|
$ |
0.51 |
|
|
$ |
2.67 |
|
|
$ |
(0.51 |
) |
Weighted-average shares outstanding, diluted |
|
25,853 |
|
|
|
25,572 |
|
|
|
25,812 |
|
|
|
25,484 |
|
ScanSource, Inc. and Subsidiaries |
|||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) |
|||||||
(in thousands) |
|||||||
|
Nine months ended
|
||||||
|
2022 |
|
2021 |
||||
Cash flows from operating activities: |
|
|
|
||||
Net income (loss) |
$ |
68,851 |
|
|
$ |
(12,915 |
) |
Net income (loss) from discontinued operations |
|
100 |
|
|
|
(37,647 |
) |
Net income from continuing operations |
|
68,751 |
|
|
|
24,732 |
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities of continuing operations: |
|
|
|
||||
Depreciation and amortization |
|
22,184 |
|
|
|
25,417 |
|
Amortization of debt issue costs |
|
313 |
|
|
|
313 |
|
Provision for doubtful accounts |
|
156 |
|
|
|
226 |
|
Share-based compensation |
|
8,792 |
|
|
|
5,711 |
|
Deferred income taxes |
|
1,995 |
|
|
|
(26 |
) |
Change in fair value of contingent consideration |
|
— |
|
|
|
516 |
|
Contingent consideration payments excess |
|
— |
|
|
|
(5,457 |
) |
Finance lease interest |
|
32 |
|
|
|
96 |
|
Changes in operating assets and liabilities, net of acquisitions: |
|
|
|
||||
Accounts receivable |
|
(67,404 |
) |
|
|
(68,654 |
) |
Inventories |
|
(118,349 |
) |
|
|
(5,907 |
) |
Prepaid expenses and other assets |
|
(15,002 |
) |
|
|
(1,641 |
) |
Other non-current assets |
|
(2,791 |
) |
|
|
2,846 |
|
Accounts payable |
|
67,535 |
|
|
|
69,609 |
|
Accrued expenses and other liabilities |
|
(12,745 |
) |
|
|
8,434 |
|
Income taxes payable |
|
862 |
|
|
|
(793 |
) |
Net cash (used in) provided by operating activities of continuing operations |
|
(45,671 |
) |
|
|
55,422 |
|
Cash flows from investing activities of continuing operations: |
|
|
|
||||
Capital expenditures |
|
(3,326 |
) |
|
|
(2,283 |
) |
Cash received for business disposal |
|
3,125 |
|
|
|
34,356 |
|
Net cash (used in) provided by investing activities of continuing operations |
|
(201 |
) |
|
|
32,073 |
|
Cash flows from financing activities of continuing operations: |
|
|
|
||||
Borrowings on revolving credit, net of expenses |
|
1,597,270 |
|
|
|
1,486,464 |
|
Repayments on revolving credit, net of expenses |
|
(1,552,976 |
) |
|
|
(1,500,375 |
) |
Repayments on long-term debt, net |
|
(5,968 |
) |
|
|
(5,964 |
) |
Repayments of finance lease obligations |
|
(932 |
) |
|
|
(974 |
) |
Contingent consideration payments |
|
— |
|
|
|
(41,393 |
) |
Exercise of stock options |
|
1,592 |
|
|
|
439 |
|
Taxes paid on settlement of equity awards |
|
(2,729 |
) |
|
|
(1,036 |
) |
Common stock repurchased |
|
(8,527 |
) |
|
|
— |
|
Net cash provided by (used in) financing activities of continuing operations |
|
27,730 |
|
|
|
(62,839 |
) |
|
|
|
|
||||
|
|
|
|
||||
ScanSource, Inc. and Subsidiaries |
|||||||
Condensed Consolidated Statements of Cash Flows (Unaudited), continued |
|||||||
(in thousands) |
|||||||
|
|
|
|
||||
Cash flows from discontinued operations: |
|
|
|
||||
Net cash flows provided by operating activities of discontinued operations |
|
— |
|
|
|
21,704 |
|
Net cash flows used in investing activities of discontinued operations |
|
— |
|
|
|
(58 |
) |
Net cash flows used in financing activities of discontinued operations |
|
— |
|
|
|
(29,494 |
) |
Net cash flows used in discontinued operations |
|
— |
|
|
|
(7,848 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
(1,037 |
) |
|
|
(1,942 |
) |
(Decrease) Increase in cash and cash equivalents |
|
(19,179 |
) |
|
|
14,866 |
|
Consolidated cash and cash equivalents at beginning of period |
|
62,718 |
|
|
|
34,455 |
|
Consolidated cash and cash equivalents at end of period |
|
43,539 |
|
|
|
49,321 |
|
Cash and cash equivalents of discontinued operations |
|
— |
|
|
|
— |
|
Cash and cash equivalents of continuing operations |
$ |
43,539 |
|
|
$ |
49,321 |
|
ScanSource, Inc. and Subsidiaries |
|||||||
Supplementary Information (Unaudited) |
|||||||
(in thousands, except percentages) |
|||||||
|
|
|
|
||||
Non-GAAP Financial Information: |
|||||||
|
Quarter ended March 31, |
||||||
|
2022 |
|
2021 |
||||
Adjusted return on invested capital ratio (adjusted ROIC), annualized(a) |
|
18.0 |
% |
|
|
14.7 |
% |
|
|
|
|
||||
Reconciliation of Net Income to Adjusted EBITDA: |
|
|
|
||||
Net income from continuing operations (GAAP) |
$ |
23,526 |
|
|
$ |
13,786 |
|
Plus: Interest expense |
|
1,483 |
|
|
|
1,576 |
|
Plus: Income taxes |
|
9,044 |
|
|
|
5,121 |
|
Plus: Depreciation and amortization |
|
7,305 |
|
|
|
8,358 |
|
EBITDA (non-GAAP) |
|
41,358 |
|
|
|
28,841 |
|
Plus: Share-based compensation |
|
2,757 |
|
|
|
2,537 |
|
Plus: Acquisition and divestiture costs(b) |
|
— |
|
|
|
272 |
|
Plus: Restructuring costs |
|
— |
|
|
|
349 |
|
Adjusted EBITDA (numerator for Adjusted ROIC) (non-GAAP) |
$ |
44,115 |
|
|
$ |
31,999 |
|
|
|
|
|
||||
Invested Capital Calculations: |
|
|
|
||||
Equity – beginning of the quarter |
$ |
768,525 |
|
|
$ |
682,139 |
|
Equity – end of the quarter |
|
806,654 |
|
|
|
690,575 |
|
Plus: Share-based compensation, net |
|
2,063 |
|
|
|
1,912 |
|
Plus: Acquisition and divestiture costs(b) |
|
— |
|
|
|
272 |
|
Plus: Restructuring, net |
|
— |
|
|
|
264 |
|
Plus: Discontinued operations net loss |
|
— |
|
|
|
688 |
|
Average equity |
|
788,621 |
|
|
|
687,925 |
|
Average funded debt (c) |
|
205,073 |
|
|
|
191,996 |
|
Invested capital (denominator for Adjusted ROIC) (non-GAAP) |
$ |
993,694 |
|
|
$ |
879,921 |
|
|
|
|
|
||||
(a) The annualized adjusted EBITDA amount is divided by days in the quarter times 365 days per year, or 366 days for leap year. There were 90 days in the current and prior-year quarter. |
|||||||
(b) Acquisition and divestiture costs are generally nondeductible for tax purposes. |
|||||||
(c) Average funded debt, which includes both continuing and discontinued operations, is calculated as the average daily amounts outstanding on short-term and long-term interest-bearing debt. |
|||||||
ScanSource, Inc. and Subsidiaries |
|||||||||
Supplementary Information (Unaudited) |
|||||||||
|
|
|
|
||||||
Net Sales by Segment: |
|
|
|
||||||
|
Quarter ended March 31, |
|
|
||||||
|
2022 |
|
2021 |
|
% Change |
||||
Specialty Technology Solutions: |
(in thousands) |
|
|
||||||
Net sales, reported |
$ |
503,072 |
|
|
$ |
436,462 |
|
15.3 |
% |
Foreign exchange impact (a) |
|
(915 |
) |
|
|
— |
|
|
|
Non-GAAP net sales, constant currency |
$ |
502,157 |
|
|
$ |
436,462 |
|
15.1 |
% |
|
|
|
|
|
|
||||
Modern Communications & Cloud: |
|
|
|
|
|
||||
Net sales, reported |
$ |
342,918 |
|
|
$ |
293,411 |
|
16.9 |
% |
Foreign exchange impact (a) |
|
(2,660 |
) |
|
|
— |
|
|
|
Non-GAAP net sales, constant currency |
$ |
340,258 |
|
|
$ |
293,411 |
|
16.0 |
% |
|
|
|
|
|
|
||||
Consolidated: |
|
|
|
|
|
||||
Net sales, reported |
$ |
845,990 |
|
|
$ |
729,873 |
|
15.9 |
% |
Foreign exchange impact (a) |
|
(3,575 |
) |
|
|
— |
|
|
|
Non-GAAP net sales, constant currency |
$ |
842,415 |
|
|
$ |
729,873 |
|
15.4 |
% |
|
|
|
|
|
|
||||
(a) Year-over-year net sales growth rate excluding the translation impact of changes in foreign currency exchange rates. Calculated by translating the net sales for the quarter ended March 31, 2022 into U.S. dollars using the average foreign exchange rates for the quarter ended March 31, 2021. |
|||||||||
ScanSource, Inc. and Subsidiaries |
|||||||||
Supplementary Information (Unaudited) |
|||||||||
|
|
|
|
|
|
||||
Net Sales by Geography: |
|
|
|
||||||
|
Quarter ended March 31, |
|
|
||||||
|
2022 |
|
2021 |
|
% Change |
||||
United States and Canada: |
(in thousands) |
|
|
||||||
Net sales, as reported |
$ |
764,529 |
|
|
$ |
665,720 |
|
14.8 |
% |
|
|
|
|
|
|
||||
International: |
|
|
|
|
|
||||
Net sales, reported |
$ |
81,461 |
|
|
$ |
64,153 |
|
27.0 |
% |
Foreign exchange impact(a) |
|
(3,575 |
) |
|
|
— |
|
|
|
Non-GAAP net sales, constant currency |
$ |
77,886 |
|
|
$ |
64,153 |
|
21.4 |
% |
|
|
|
|
|
|
||||
Consolidated: |
|
|
|
|
|
||||
Net sales, reported |
$ |
845,990 |
|
|
$ |
729,873 |
|
15.9 |
% |
Foreign exchange impact(a) |
|
(3,575 |
) |
|
|
— |
|
|
|
Non-GAAP net sales, constant currency |
$ |
842,415 |
|
|
$ |
729,873 |
|
15.4 |
% |
|
|
|
|
|
|
||||
(a) Year-over-year net sales growth rate excluding the translation impact of changes in foreign currency exchange rates. Calculated by translating the net sales for the quarter ended March 31, 2022 into U.S. dollars using the average foreign exchange rates for the quarter ended March 31, 2021. |
|||||||||
|
Quarter ended March 31, 2022 |
|||||||||||||||
|
GAAP
|
|
Intangible
|
|
|
Acquisition and
|
|
Restructuring
|
|
Non-GAAP
|
||||||
|
(in thousands, except per share data) |
|||||||||||||||
SG&A expenses |
$ |
66,522 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
$ |
66,522 |
Operating income |
|
32,917 |
|
|
4,457 |
|
|
|
— |
|
|
|
— |
|
|
37,374 |
Net income |
|
23,526 |
|
|
3,353 |
|
|
|
— |
|
|
|
— |
|
|
26,879 |
Diluted EPS |
$ |
0.91 |
|
$ |
0.13 |
|
|
$ |
— |
|
|
$ |
— |
|
$ |
1.04 |
Diluted EPS, trailing 12-month (TTM) |
$ |
3.46 |
|
$ |
0.53 |
|
|
$ |
0.01 |
|
|
$ |
— |
|
$ |
4.01 |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Quarter ended March 31, 2021 |
|||||||||||||||
|
GAAP
|
|
Intangible
|
|
|
Acquisition and
|
|
Restructuring
|
|
Non-GAAP
|
||||||
|
(in thousands, except per share data) |
|||||||||||||||
SG&A expense |
$ |
60,099 |
|
$ |
— |
|
|
$ |
(272 |
) |
|
$ |
— |
|
$ |
59,827 |
Operating income |
|
19,436 |
|
|
4,880 |
|
|
|
272 |
|
|
|
560 |
|
|
25,148 |
Net income |
|
13,786 |
|
|
3,697 |
|
|
|
272 |
|
|
|
423 |
|
|
18,178 |
Diluted EPS |
$ |
0.54 |
|
$ |
0.14 |
|
|
$ |
0.01 |
|
|
$ |
0.02 |
|
$ |
0.71 |
|
|
|
|
|
|
|
|
|
|
|
||||||
ScanSource, Inc. and Subsidiaries |
||||
Supplementary Forward-Looking Information (Unaudited) |
||||
|
|
|
|
|
Annual Financial Outlook for Fiscal Year 2022: |
|
|
||
|
|
|
|
|
|
|
|
FY22 Outlook |
|
GAAP, Operating income |
|
At least $122 million |
||
Intangible amortization |
|
$18 million |
||
Depreciation expense |
|
$12 million |
||
Share-based compensation expense |
|
$11 million |
||
Interest income and other income (expense), net |
|
|
$2 million |
|
Adjusted EBITDA (non-GAAP) |
|
At least $165 million |
||
|
|
|
|
|
|
|
|
|
|
Высокий Спрос и Выдающееся Исполнение Нашей Командой Превосходит ожидания и Повышает Прогноз на весь год
ГРИНВИЛЛ, Южная КАРОЛИНА - (ДЕЛОВАЯ ПЕРЕПИСКА) -ScanSource, Inc. (NASDAQ: SCSC), ведущий гибридный дистрибьютор, подключающий устройства к облаку, сегодня объявил финансовые результаты за третий квартал, закончившийся 31 марта 2022 года. Все результаты в этом выпуске отражают только продолжающиеся операции, если не указано иное.
Third Quarter Summary: |
Quarter ended March 31, |
|||||||||
|
2022 |
|
2021 |
|
Change |
|||||
|
(in thousands, except per share data) |
|||||||||
Select reported measures: |
|
|
|
|
|
|||||
Net sales |
$ |
845,990 |
|
|
$ |
729,873 |
|
|
15.9 |
% |
Gross profit |
$ |
106,508 |
|
|
$ |
88,116 |
|
|
20.9 |
% |
Gross profit margin % |
|
12.59 |
% |
|
|
12.07 |
% |
|
52bp |
|
Operating income |
$ |
32,917 |
|
|
$ |
19,436 |
|
|
69.4 |
% |
GAAP net income |
$ |
23,526 |
|
|
$ |
13,786 |
|
|
70.7 |
% |
GAAP diluted EPS |
$ |
0.91 |
|
|
$ |
0.54 |
|
|
68.5 |
% |
Select Non-GAAP measures: |
|
|
|
|
|
|||||
Adjusted EBITDA |
$ |
44,115 |
|
|
$ |
31,999 |
|
|
37.9 |
% |
Adjusted EBITDA margin % |
|
5.21 |
% |
|
|
4.38 |
% |
|
83bp |
|
Non-GAAP net income |
$ |
26,879 |
|
|
$ |
18,178 |
|
|
47.9 |
% |
Non-GAAP diluted EPS |
$ |
1.04 |
|
|
$ |
0.71 |
|
|
46.5 |
% |
"Высокий спрос и отличная работа наших сотрудников привели к достижению 16%-ного роста чистых продаж и исключительной прибыльности", - сказал Майк Баур, председатель и главный исполнительный директор ScanSource, Inc. "Наши сотрудники оказывают огромное влияние на клиентов и поставщиков в сложных условиях поставок".
Квартальные результаты
Чистый объем продаж за третий квартал 2022 финансового года составил 846,0 млн долларов, увеличившись на 15,9% в годовом исчислении или на 15,4% в годовом исчислении за счет органического роста при высоком спросе в обоих сегментах. В третьем квартале 2022 финансового года чистые продажи в сегменте Специализированных технологических решений выросли на 15,3% в годовом исчислении до 503,1 млн долларов США, что обусловлено широким спросом на технологии и их исполнением нашими сотрудниками. В третьем квартале 2022 финансового года чистые продажи в сфере современных коммуникаций и облачных технологий выросли на 16,9% в годовом исчислении, или на 16,0% в годовом исчислении за счет органического роста, до 342,9 млн долларов, при этом чистые продажи Intelisys connectivity и cloud business увеличились на 18,2% в годовом исчислении.
Валовая прибыль за третий квартал 2022 финансового года составила 106,5 млн долларов, увеличившись на 20,9% по сравнению с аналогичным периодом прошлого года. Увеличение в первую очередь связано с увеличением объема продаж и более высокой узнаваемостью программ поставщиков по сравнению с предыдущим кварталом. Маржа валовой прибыли увеличилась до 12,6% в третьем квартале 2022 финансового года по сравнению с 12,1% в предыдущем квартале.
За третий квартал 2022 финансового года операционная прибыль увеличилась до 32,9 млн долларов с 19,4 млн долларов в предыдущем квартале. Операционная прибыль за третий квартал 2022 финансового года, не относящаяся к GAAP, увеличилась до 37,4 млн долларов США при марже операционной прибыли без учета GAAP в 4,42% по сравнению с 25,1 млн долларов США и операционной маржей без учета GAAP в 3,45% за квартал предыдущего года.
На основе GAAP чистая прибыль за третий квартал 2022 финансового года составила 23,5 млн долларов, или 0,91 доллара на разводненную акцию, по сравнению с чистой прибылью в размере 13,8 млн долларов, или 0,54 доллара на разводненную акцию, за квартал предыдущего года. Чистая прибыль за третий квартал 2022 финансового года без учета GAAP составила 26,9 млн долларов, или 1,04 доллара на разводненную акцию, по сравнению с 18,2 млн долларов, или 0,71 доллара на разводненную акцию, за квартал предыдущего года. За завершающий 12-месячный период (TTM), закончившийся 31 марта 2022 года, разводненная прибыль на акцию по GAAP составила 3,46 доллара, а разводненная прибыль на акцию без учета GAAP составила 4,01 доллара.
Скорректированный показатель EBITDA за третий квартал 2022 финансового года увеличился до $44,1 млн, или 5,21% от чистых продаж, по сравнению с $32,0 млн, или 4,38% от чистых продаж в предыдущем квартале, в основном за счет более высокой валовой прибыли и операционного левереджа. Скорректированная доходность на инвестированный капитал увеличилась до 18,0% в третьем квартале 2022 финансового года по сравнению с 14,7% в предыдущем квартале.
Годовой финансовый прогноз на 2022 финансовый год
ScanSource повышает свои ожидания на весь финансовый год, закончившийся 30 июня 2022 года, и заменяет ранее предоставленные рекомендации.
|
|
FY22 Annual Outlook Update |
|
Prior FY22 Outlook |
Net sales growth, year-over-year |
|
At least 10% |
|
At least 7% |
Adjusted EBITDA (non-GAAP) |
|
At least $165 million |
|
At least $148 million |
Скорректированная EBITDA является показателем, не относящимся к GAAP, который исключает оценки амортизации нематериальных активов, расходов на амортизацию и неденежных компенсационных расходов на основе акций (вступает в силу с первого квартала 2022 финансового года). Для сравнения, скорректированная EBITDA в 2021 финансовом году, без учета компенсации на основе акций, составила 118 миллионов долларов. Прогноз ScanSource не включает потенциальное влияние любых объединений бизнеса, приобретений активов, отчуждений, стратегических инвестиций или других значительных сделок, которые могут быть завершены после даты настоящего Соглашения. Эти заявления носят прогнозный характер, и фактические результаты могут существенно отличаться.
Подробная информация о веб-трансляции и Инфографика о доходах
Сегодня примерно в 4:15 вечера по восточному времени инфографика о доходах в качестве дополнения к этому пресс-релизу и телефонной конференции Компании будет доступна на веб-сайте ScanSource, www.ScanSource.com (Раздел по связям с инвесторами). ScanSource представит дополнительную информацию о своих финансовых результатах и бизнесе на телефонной конференции сегодня, 10 мая 2022 года, в 17:00 вечера по восточному времени. Веб-трансляция звонка будет доступна для всех заинтересованных сторон и доступна по адресу <url>.ScanSource.com (Раздел по связям с инвесторами). Веб-трансляция будет доступна для воспроизведения в течение 60 дней.
Заявление о безопасной гавани
Этот пресс-релиз содержит “прогнозные” заявления, в том числе прогноз Компании на 22 финансовый год, которые связаны с рисками и неопределенностями. Любое количество факторов может привести к тому, что фактические результаты будут существенно отличаться от ожидаемых результатов, включая, но не ограничиваясь этим, неспособность нанять и удержать квалифицированных сотрудников, риск для бизнеса Компании в результате кибератаки, неспособность управлять и реализовывать стратегию органического роста Компании, влияние Пандемия COVID-19 на деятельность и финансовое состояние Компании, а также потенциальная длительная экономическая слабость, вызванная COVID-19, сбои в работе ИТ-систем Компании, неспособность приобретать новые предприятия, изменения процентных ставок, валютных курсов и режимов регулирования, влияющих на международные операции Компании, кредитные риски, связанные крупных клиентов и поставщиков Компании, потеря основных клиентов Компании, прекращение отношений Компании с ключевыми поставщиками или существенное изменение условий, на которых она работает с ключевым поставщиком, изменения в операционной стратегии Компании и другие факторы, указанные в разделе "Факторы риска" содержится в годовом отчете Компании по форме 10-K за год, закончившийся 30 июня 2021 года, поданном в Комиссию по ценным бумагам и биржам. За исключением случаев, когда это может потребоваться по закону, Компания прямо отказывается от каких-либо обязательств по обновлению этих прогнозных заявлений, чтобы отразить события или обстоятельства после даты настоящего пресс-релиза или отразить возникновение непредвиденных событий.
Финансовая информация, не относящаяся к ОПБУ
В дополнение к раскрытию результатов, определенных в соответствии с Общепринятыми принципами бухгалтерского учета США ("GAAP"), Компания также раскрывает некоторые финансовые показатели, не относящиеся к GAAP, которые кратко изложены ниже. Финансовые показатели, не относящиеся к GAAP, используются для понимания и оценки результатов деятельности, включая сравнения от периода к периоду. Результаты, не относящиеся к GAAP, исключают амортизацию нематериальных активов, связанных с приобретениями, изменение справедливой стоимости условного вознаграждения, затраты на приобретение, затраты на реструктуризацию и другие корректировки, не относящиеся к GAAP.
Чистые продажи в постоянной валюте, за исключением приобретений (органический рост): Компания раскрывает процентное изменение чистых продаж без учета влияния пересчета от изменений курсов иностранных валют между отчетными периодами и без учета чистых продаж от приобретений до первого полного года с даты приобретения. Эта мера повышает сопоставимость между периодами, помогая анализировать основные тенденции на органической основе.
Дополнительные показатели, не относящиеся к GAAP: Чтобы оценить результаты текущего периода на более согласованной основе с предыдущими периодами, Компания раскрывает расходы на НИОКР, не относящиеся к GAAP, операционный доход, не относящийся к GAAP, чистую прибыль, не относящуюся к GAAP, и разводненную прибыль на акцию, не относящуюся к GAAP (разводненная прибыль на акцию, не относящаяся к GAAP). Результаты, не относящиеся к GAAP, исключают амортизацию нематериальных активов, связанных с приобретениями, изменения справедливой стоимости условного вознаграждения, затраты на приобретение и продажу, расходы на обесценение, затраты на реструктуризацию и другие корректировки, не относящиеся к GAAP. Эти показатели по сравнению с предыдущим годом включают влияние изменений валютных курсов на пересчет. Показатели, не относящиеся к GAAP, полезны для оценки и понимания операционной деятельности Компании, особенно при сравнении результатов с предыдущими периодами или прогнозировании результатов на будущие периоды.
Скорректированная прибыль до вычета процентных расходов, налогов на прибыль, износа и амортизации (“Скорректированная EBITDA”): Скорректированная EBITDA начинается с чистой прибыли и включает процентные расходы, расходы по налогу на прибыль, расходы на амортизацию, амортизацию нематериальных активов, изменения справедливой стоимости условных обязательств и другие корректировки, не относящиеся к GAAP, включая затраты на приобретение и отчуждение, расходы на обесценение и затраты на реструктуризацию. Начиная с первого квартала 2022 финансового года, неденежные компенсационные расходы, основанные на акциях, также добавляются обратно при расчете скорректированной EBITDA. Поскольку скорректированный показатель EBITDA исключает некоторые неденежные затраты на инвестиции в наш бизнес и персонал, руководство считает, что скорректированный показатель EBITDA более четко показывает прибыльность наших бизнес-операций. Представление скорректированной EBITDA за все представленные периоды было изменено с учетом этого изменения для улучшения сопоставимости между периодами.
Скорректированная рентабельность вложенного капитала ("Скорректированный ROIC"): Скорректированный ROIC помогает руководству сравнивать результаты деятельности Компании за различные отчетные периоды на постоянной основе, поскольку он устраняет из наших операционных результатов влияние статей, которые не отражают наши основные операционные показатели. Мы считаем, что расчет скорректированной рентабельности инвестиций предоставляет полезную информацию инвесторам и является дополнительным релевантным сравнением наших результатов. Скорректированный ROIC рассчитывается как скорректированный показатель EBITDA по отношению к инвестированному капиталу. Инвестированный капитал определяется как средний собственный капитал плюс средний ежедневный накопленный процентный долг за период. Руководство считает, что расчет скорректированной рентабельности инвестиций предоставляет полезную информацию инвесторам и является дополнительным актуальным сравнением результатов деятельности Компании в течение года.
Эти финансовые показатели, не относящиеся к GAAP, имеют ограничения в качестве аналитических инструментов, и финансовые показатели, не относящиеся к GAAP, о которых сообщает Компания, могут быть несопоставимы с суммами с аналогичным названием, сообщаемыми другими компаниями. Анализ результатов и прогнозов на основе, отличной от GAAP, следует рассматривать в дополнение, а не в качестве замены или превосходства показателей финансовой деятельности, подготовленных в соответствии с GAAP. Сверка финансовой информации Компании, не относящейся к GAAP, с GAAP приведена в Дополнительной информации (неаудированной) ниже.
О компании ScanSource, Inc.
ScanSource, Inc. (NASDAQ: SCSC) - ведущий гибридный дистрибьютор, подключающий устройства к облаку и ускоряющий рост партнеров в области аппаратного обеспечения, SaaS, подключения и облачных технологий. ScanSource позволяет партнерам предоставлять решения для своих клиентов, учитывающие меняющиеся модели покупок и потребления конечных пользователей. ScanSource продает по нескольким специализированным маршрутам, предлагая оборудование, SaaS, возможности подключения и облачные сервисы от ведущих мировых поставщиков POS-терминалов, платежей, штрих-кодов, физической безопасности, унифицированных коммуникаций и совместной работы, телекоммуникационных и облачных сервисов. Основанная в 1992 году со штаб-квартирой в Гринвилле, Южная Каролина, ScanSource была названа одним из лучших мест для работы в Южной Каролине в 2021 году и включена в список самых уважаемых компаний мира журнала FORTUNE за 2022 год. ScanSource занимает 655-е место в списке Fortune 1000. Для получения дополнительной информации посетите веб-сайт www.ScanSource.com .
ScanSource, Inc. and Subsidiaries |
|||||||
Condensed Consolidated Balance Sheets (Unaudited) |
|||||||
(in thousands) |
|||||||
|
March 31, 2022 |
|
June 30, 2021* |
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
43,539 |
|
|
$ |
62,718 |
|
Accounts receivable, less allowance of $16,935 at March 31, 2022 and $19,341 at June 30, 2021 |
|
642,384 |
|
|
|
568,984 |
|
Inventories |
|
591,396 |
|
|
|
470,081 |
|
Prepaid expenses and other current assets |
|
130,509 |
|
|
|
117,860 |
|
Total current assets |
|
1,407,828 |
|
|
|
1,219,643 |
|
Property and equipment, net |
|
37,815 |
|
|
|
42,836 |
|
Goodwill |
|
218,025 |
|
|
|
218,877 |
|
Identifiable intangible assets, net |
|
90,554 |
|
|
|
104,860 |
|
Deferred income taxes |
|
19,951 |
|
|
|
21,853 |
|
Other non-current assets |
|
66,627 |
|
|
|
63,615 |
|
Total assets |
$ |
1,840,800 |
|
|
$ |
1,671,684 |
|
Liabilities and Shareholders’ Equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
706,359 |
|
|
$ |
634,805 |
|
Accrued expenses and other current liabilities |
|
80,931 |
|
|
|
87,790 |
|
Income taxes payable |
|
3,023 |
|
|
|
2,501 |
|
Current portion of long-term debt |
|
10,660 |
|
|
|
7,843 |
|
Total current liabilities |
|
800,973 |
|
|
|
732,939 |
|
Deferred income taxes |
|
3,753 |
|
|
|
3,954 |
|
Long-term debt, net of current portion |
|
126,546 |
|
|
|
135,331 |
|
Borrowings under revolving credit facility |
|
44,294 |
|
|
|
— |
|
Other long-term liabilities |
|
58,580 |
|
|
|
68,269 |
|
Total liabilities |
|
1,034,146 |
|
|
|
940,493 |
|
Commitments and contingencies |
|
|
|
||||
Shareholders’ equity: |
|
|
|
||||
Preferred stock, no par value; 3,000,000 shares authorized, none issued |
|
— |
|
|
|
— |
|
Common stock, no par value; 45,000,000 shares authorized, 25,429,242 and 25,499,465 shares issued and outstanding at March 31, 2022 and June 30, 2021, respectively |
|
69,856 |
|
|
|
71,253 |
|
Retained earnings |
|
826,922 |
|
|
|
758,071 |
|
Accumulated other comprehensive loss |
|
(90,124 |
) |
|
|
(98,133 |
) |
Total shareholders’ equity |
|
806,654 |
|
|
|
731,191 |
|
Total liabilities and shareholders’ equity |
$ |
1,840,800 |
|
|
$ |
1,671,684 |
|
*Получено на основе проверенных финансовых отчетов.
ScanSource, Inc. and Subsidiaries |
|||||||||||||||
Condensed Consolidated Income Statements (Unaudited) |
|||||||||||||||
(in thousands, except per share data) |
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Quarter ended
|
|
Nine months ended
|
||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
Net sales |
$ |
845,990 |
|
|
$ |
729,873 |
|
|
$ |
2,567,652 |
|
|
$ |
2,298,111 |
|
Cost of goods sold |
|
739,482 |
|
|
|
641,757 |
|
|
|
2,251,920 |
|
|
|
2,043,172 |
|
Gross profit |
|
106,508 |
|
|
|
88,116 |
|
|
|
315,732 |
|
|
|
254,939 |
|
Selling, general and administrative expenses |
|
66,522 |
|
|
|
60,099 |
|
|
|
199,538 |
|
|
|
182,681 |
|
Depreciation expense |
|
2,612 |
|
|
|
3,141 |
|
|
|
8,039 |
|
|
|
9,634 |
|
Intangible amortization expense |
|
4,457 |
|
|
|
4,880 |
|
|
|
13,413 |
|
|
|
14,595 |
|
Restructuring and other charges |
|
— |
|
|
|
560 |
|
|
|
— |
|
|
|
9,312 |
|
Change in fair value of contingent consideration |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
516 |
|
Operating income |
|
32,917 |
|
|
|
19,436 |
|
|
|
94,742 |
|
|
|
38,201 |
|
Interest expense |
|
1,483 |
|
|
|
1,576 |
|
|
|
4,637 |
|
|
|
5,285 |
|
Interest income |
|
(1,000 |
) |
|
|
(745 |
) |
|
|
(2,973 |
) |
|
|
(1,756 |
) |
Other (income) expense, net |
|
(136 |
) |
|
|
(302 |
) |
|
|
668 |
|
|
|
183 |
|
Income before income taxes |
|
32,570 |
|
|
|
18,907 |
|
|
|
92,410 |
|
|
|
34,489 |
|
Provision for income taxes |
|
9,044 |
|
|
|
5,121 |
|
|
|
23,659 |
|
|
|
9,757 |
|
Net income from continuing operations |
|
23,526 |
|
|
|
13,786 |
|
|
|
68,751 |
|
|
|
24,732 |
|
Net (loss) income from discontinued operations |
|
— |
|
|
|
(688 |
) |
|
|
100 |
|
|
|
(37,647 |
) |
Net income (loss) |
$ |
23,526 |
|
|
$ |
13,098 |
|
|
$ |
68,851 |
|
|
$ |
(12,915 |
) |
|
|
|
|
|
|
|
|
||||||||
Per share data: |
|
|
|
|
|
|
|
||||||||
Net income from continuing operations per common share, basic |
$ |
0.92 |
|
|
$ |
0.54 |
|
|
$ |
2.69 |
|
|
$ |
0.97 |
|
Net loss from discontinued operations per common share, basic |
|
— |
|
|
|
(0.03 |
) |
|
|
— |
|
|
|
(1.48 |
) |
Net income (loss) per common share, basic |
$ |
0.92 |
|
|
$ |
0.51 |
|
|
$ |
2.69 |
|
|
$ |
(0.51 |
) |
Weighted-average shares outstanding, basic |
|
25,635 |
|
|
|
25,455 |
|
|
|
25,577 |
|
|
|
25,404 |
|
|
|
|
|
|
|
|
|
||||||||
Net income from continuing operations per common share, diluted |
$ |
0.91 |
|
|
$ |
0.54 |
|
|
$ |
2.66 |
|
|
$ |
0.97 |
|
Net loss from discontinued operations per common share, diluted |
|
— |
|
|
|
(0.03 |
) |
|
|
— |
|
|
|
(1.48 |
) |
Net income (loss) per common share, diluted |
$ |
0.91 |
|
|
$ |
0.51 |
|
|
$ |
2.67 |
|
|
$ |
(0.51 |
) |
Weighted-average shares outstanding, diluted |
|
25,853 |
|
|
|
25,572 |
|
|
|
25,812 |
|
|
|
25,484 |
|
ScanSource, Inc. and Subsidiaries |
|||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) |
|||||||
(in thousands) |
|||||||
|
Nine months ended
|
||||||
|
2022 |
|
2021 |
||||
Cash flows from operating activities: |
|
|
|
||||
Net income (loss) |
$ |
68,851 |
|
|
$ |
(12,915 |
) |
Net income (loss) from discontinued operations |
|
100 |
|
|
|
(37,647 |
) |
Net income from continuing operations |
|
68,751 |
|
|
|
24,732 |
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities of continuing operations: |
|
|
|
||||
Depreciation and amortization |
|
22,184 |
|
|
|
25,417 |
|
Amortization of debt issue costs |
|
313 |
|
|
|
313 |
|
Provision for doubtful accounts |
|
156 |
|
|
|
226 |
|
Share-based compensation |
|
8,792 |
|
|
|
5,711 |
|
Deferred income taxes |
|
1,995 |
|
|
|
(26 |
) |
Change in fair value of contingent consideration |
|
— |
|
|
|
516 |
|
Contingent consideration payments excess |
|
— |
|
|
|
(5,457 |
) |
Finance lease interest |
|
32 |
|
|
|
96 |
|
Changes in operating assets and liabilities, net of acquisitions: |
|
|
|
||||
Accounts receivable |
|
(67,404 |
) |
|
|
(68,654 |
) |
Inventories |
|
(118,349 |
) |
|
|
(5,907 |
) |
Prepaid expenses and other assets |
|
(15,002 |
) |
|
|
(1,641 |
) |
Other non-current assets |
|
(2,791 |
) |
|
|
2,846 |
|
Accounts payable |
|
67,535 |
|
|
|
69,609 |
|
Accrued expenses and other liabilities |
|
(12,745 |
) |
|
|
8,434 |
|
Income taxes payable |
|
862 |
|
|
|
(793 |
) |
Net cash (used in) provided by operating activities of continuing operations |
|
(45,671 |
) |
|
|
55,422 |
|
Cash flows from investing activities of continuing operations: |
|
|
|
||||
Capital expenditures |
|
(3,326 |
) |
|
|
(2,283 |
) |
Cash received for business disposal |
|
3,125 |
|
|
|
34,356 |
|
Net cash (used in) provided by investing activities of continuing operations |
|
(201 |
) |
|
|
32,073 |
|
Cash flows from financing activities of continuing operations: |
|
|
|
||||
Borrowings on revolving credit, net of expenses |
|
1,597,270 |
|
|
|
1,486,464 |
|
Repayments on revolving credit, net of expenses |
|
(1,552,976 |
) |
|
|
(1,500,375 |
) |
Repayments on long-term debt, net |
|
(5,968 |
) |
|
|
(5,964 |
) |
Repayments of finance lease obligations |
|
(932 |
) |
|
|
(974 |
) |
Contingent consideration payments |
|
— |
|
|
|
(41,393 |
) |
Exercise of stock options |
|
1,592 |
|
|
|
439 |
|
Taxes paid on settlement of equity awards |
|
(2,729 |
) |
|
|
(1,036 |
) |
Common stock repurchased |
|
(8,527 |
) |
|
|
— |
|
Net cash provided by (used in) financing activities of continuing operations |
|
27,730 |
|
|
|
(62,839 |
) |
|
|
|
|
||||
|
|
|
|
||||
ScanSource, Inc. and Subsidiaries |
|||||||
Condensed Consolidated Statements of Cash Flows (Unaudited), continued |
|||||||
(in thousands) |
|||||||
|
|
|
|
||||
Cash flows from discontinued operations: |
|
|
|
||||
Net cash flows provided by operating activities of discontinued operations |
|
— |
|
|
|
21,704 |
|
Net cash flows used in investing activities of discontinued operations |
|
— |
|
|
|
(58 |
) |
Net cash flows used in financing activities of discontinued operations |
|
— |
|
|
|
(29,494 |
) |
Net cash flows used in discontinued operations |
|
— |
|
|
|
(7,848 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
(1,037 |
) |
|
|
(1,942 |
) |
(Decrease) Increase in cash and cash equivalents |
|
(19,179 |
) |
|
|
14,866 |
|
Consolidated cash and cash equivalents at beginning of period |
|
62,718 |
|
|
|
34,455 |
|
Consolidated cash and cash equivalents at end of period |
|
43,539 |
|
|
|
49,321 |
|
Cash and cash equivalents of discontinued operations |
|
— |
|
|
|
— |
|
Cash and cash equivalents of continuing operations |
$ |
43,539 |
|
|
$ |
49,321 |
|
ScanSource, Inc. and Subsidiaries |
|||||||
Supplementary Information (Unaudited) |
|||||||
(in thousands, except percentages) |
|||||||
|
|
|
|
||||
Non-GAAP Financial Information: |
|||||||
|
Quarter ended March 31, |
||||||
|
2022 |
|
2021 |
||||
Adjusted return on invested capital ratio (adjusted ROIC), annualized(a) |
|
18.0 |
% |
|
|
14.7 |
% |
|
|
|
|
||||
Reconciliation of Net Income to Adjusted EBITDA: |
|
|
|
||||
Net income from continuing operations (GAAP) |
$ |
23,526 |
|
|
$ |
13,786 |
|
Plus: Interest expense |
|
1,483 |
|
|
|
1,576 |
|
Plus: Income taxes |
|
9,044 |
|
|
|
5,121 |
|
Plus: Depreciation and amortization |
|
7,305 |
|
|
|
8,358 |
|
EBITDA (non-GAAP) |
|
41,358 |
|
|
|
28,841 |
|
Plus: Share-based compensation |
|
2,757 |
|
|
|
2,537 |
|
Plus: Acquisition and divestiture costs(b) |
|
— |
|
|
|
272 |
|
Plus: Restructuring costs |
|
— |
|
|
|
349 |
|
Adjusted EBITDA (numerator for Adjusted ROIC) (non-GAAP) |
$ |
44,115 |
|
|
$ |
31,999 |
|
|
|
|
|
||||
Invested Capital Calculations: |
|
|
|
||||
Equity – beginning of the quarter |
$ |
768,525 |
|
|
$ |
682,139 |
|
Equity – end of the quarter |
|
806,654 |
|
|
|
690,575 |
|
Plus: Share-based compensation, net |
|
2,063 |
|
|
|
1,912 |
|
Plus: Acquisition and divestiture costs(b) |
|
— |
|
|
|
272 |
|
Plus: Restructuring, net |
|
— |
|
|
|
264 |
|
Plus: Discontinued operations net loss |
|
— |
|
|
|
688 |
|
Average equity |
|
788,621 |
|
|
|
687,925 |
|
Average funded debt (c) |
|
205,073 |
|
|
|
191,996 |
|
Invested capital (denominator for Adjusted ROIC) (non-GAAP) |
$ |
993,694 |
|
|
$ |
879,921 |
|
|
|
|
|
||||
(a) The annualized adjusted EBITDA amount is divided by days in the quarter times 365 days per year, or 366 days for leap year. There were 90 days in the current and prior-year quarter. |
|||||||
(b) Acquisition and divestiture costs are generally nondeductible for tax purposes. |
|||||||
(c) Average funded debt, which includes both continuing and discontinued operations, is calculated as the average daily amounts outstanding on short-term and long-term interest-bearing debt. |
|||||||
ScanSource, Inc. and Subsidiaries |
|||||||||
Supplementary Information (Unaudited) |
|||||||||
|
|
|
|
||||||
Net Sales by Segment: |
|
|
|
||||||
|
Quarter ended March 31, |
|
|
||||||
|
2022 |
|
2021 |
|
% Change |
||||
Specialty Technology Solutions: |
(in thousands) |
|
|
||||||
Net sales, reported |
$ |
503,072 |
|
|
$ |
436,462 |
|
15.3 |
% |
Foreign exchange impact (a) |
|
(915 |
) |
|
|
— |
|
|
|
Non-GAAP net sales, constant currency |
$ |
502,157 |
|
|
$ |
436,462 |
|
15.1 |
% |
|
|
|
|
|
|
||||
Modern Communications & Cloud: |
|
|
|
|
|
||||
Net sales, reported |
$ |
342,918 |
|
|
$ |
293,411 |
|
16.9 |
% |
Foreign exchange impact (a) |
|
(2,660 |
) |
|
|
— |
|
|
|
Non-GAAP net sales, constant currency |
$ |
340,258 |
|
|
$ |
293,411 |
|
16.0 |
% |
|
|
|
|
|
|
||||
Consolidated: |
|
|
|
|
|
||||
Net sales, reported |
$ |
845,990 |
|
|
$ |
729,873 |
|
15.9 |
% |
Foreign exchange impact (a) |
|
(3,575 |
) |
|
|
— |
|
|
|
Non-GAAP net sales, constant currency |
$ |
842,415 |
|
|
$ |
729,873 |
|
15.4 |
% |
|
|
|
|
|
|
||||
(a) Year-over-year net sales growth rate excluding the translation impact of changes in foreign currency exchange rates. Calculated by translating the net sales for the quarter ended March 31, 2022 into U.S. dollars using the average foreign exchange rates for the quarter ended March 31, 2021. |
|||||||||
ScanSource, Inc. and Subsidiaries |
|||||||||
Supplementary Information (Unaudited) |
|||||||||
|
|
|
|
|
|
||||
Net Sales by Geography: |
|
|
|
||||||
|
Quarter ended March 31, |
|
|
||||||
|
2022 |
|
2021 |
|
% Change |
||||
United States and Canada: |
(in thousands) |
|
|
||||||
Net sales, as reported |
$ |
764,529 |
|
|
$ |
665,720 |
|
14.8 |
% |
|
|
|
|
|
|
||||
International: |
|
|
|
|
|
||||
Net sales, reported |
$ |
81,461 |
|
|
$ |
64,153 |
|
27.0 |
% |
Foreign exchange impact(a) |
|
(3,575 |
) |
|
|
— |
|
|
|
Non-GAAP net sales, constant currency |
$ |
77,886 |
|
|
$ |
64,153 |
|
21.4 |
% |
|
|
|
|
|
|
||||
Consolidated: |
|
|
|
|
|
||||
Net sales, reported |
$ |
845,990 |
|
|
$ |
729,873 |
|
15.9 |
% |
Foreign exchange impact(a) |
|
(3,575 |
) |
|
|
— |
|
|
|
Non-GAAP net sales, constant currency |
$ |
842,415 |
|
|
$ |
729,873 |
|
15.4 |
% |
|
|
|
|
|
|
||||
(a) Year-over-year net sales growth rate excluding the translation impact of changes in foreign currency exchange rates. Calculated by translating the net sales for the quarter ended March 31, 2022 into U.S. dollars using the average foreign exchange rates for the quarter ended March 31, 2021. |
|||||||||
|
Quarter ended March 31, 2022 |
|||||||||||||||
|
GAAP
|
|
Intangible
|
|
|
Acquisition and
|
|
Restructuring
|
|
Non-GAAP
|
||||||
|
(in thousands, except per share data) |
|||||||||||||||
SG&A expenses |
$ |
66,522 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
$ |
66,522 |
Operating income |
|
32,917 |
|
|
4,457 |
|
|
|
— |
|
|
|
— |
|
|
37,374 |
Net income |
|
23,526 |
|
|
3,353 |
|
|
|
— |
|
|
|
— |
|
|
26,879 |
Diluted EPS |
$ |
0.91 |
|
$ |
0.13 |
|
|
$ |
— |
|
|
$ |
— |
|
$ |
1.04 |
Diluted EPS, trailing 12-month (TTM) |
$ |
3.46 |
|
$ |
0.53 |
|
|
$ |
0.01 |
|
|
$ |
— |
|
$ |
4.01 |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Quarter ended March 31, 2021 |
|||||||||||||||
|
GAAP
|
|
Intangible
|
|
|
Acquisition and
|
|
Restructuring
|
|
Non-GAAP
|
||||||
|
(in thousands, except per share data) |
|||||||||||||||
SG&A expense |
$ |
60,099 |
|
$ |
— |
|
|
$ |
(272 |
) |
|
$ |
— |
|
$ |
59,827 |
Operating income |
|
19,436 |
|
|
4,880 |
|
|
|
272 |
|
|
|
560 |
|
|
25,148 |
Net income |
|
13,786 |
|
|
3,697 |
|
|
|
272 |
|
|
|
423 |
|
|
18,178 |
Diluted EPS |
$ |
0.54 |
|
$ |
0.14 |
|
|
$ |
0.01 |
|
|
$ |
0.02 |
|
$ |
0.71 |
|
|
|
|
|
|
|
|
|
|
|
||||||
ScanSource, Inc. and Subsidiaries |
||||
Supplementary Forward-Looking Information (Unaudited) |
||||
|
|
|
|
|
Annual Financial Outlook for Fiscal Year 2022: |
|
|
||
|
|
|
|
|
|
|
|
FY22 Outlook |
|
GAAP, Operating income |
|
At least $122 million |
||
Intangible amortization |
|
$18 million |
||
Depreciation expense |
|
$12 million |
||
Share-based compensation expense |
|
$11 million |
||
Interest income and other income (expense), net |
|
|
$2 million |
|
Adjusted EBITDA (non-GAAP) |
|
At least $165 million |
||
|
|
|
|
|
|
|
|
|
|
